Kolkata [India]: India's Minister of Steel, Jyotiraditya Scindia, announced on Monday that the government will be encouraging primary domestic Steel producers to work towards a circular economy by utilizing ferrous scrap as 50% of their input by 2047. This move is expected to help speed up the transition into this new model of sustainability.

The minister recently highlighted the need for India's Steel industry to increase its output by utilizing scrap more efficiently. Currently, only 22% of Indian Steel is produced from scrap and the minister believes this percentage must rise to keep up with market demand.

“It is our commitment that by 2030 we should reduce CO2 emissions by 50 percent and to be able to do that scrap is an extremely important source. The use of scrap not only saves energy and emissions but also saves the consumption of Iron ore, cooking coal, and limestone. With the Vision of 2047, today’s scrap usage will increase to almost 25 per cent in the next five years, which means the percentage of scrap to produce Steel should go up to 50 percent, with only 50 percent being dependent on Iron ore,” he stated.

The Steel industry is a key part of the recycling sector, and it's essential that they stay at the forefront of adaptation and mitigation by following the 6 R's: Reduce, Recycle, Reuse, Recover, Redesign and Remanufacturing. These principles must become an integral part of any good corporate governance structure, according to Scindia.